An Overview of the Mortgage Loan Process
There's little question ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But 1st Credential Mortgage Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This step is where 1st Credential Mortgage Inc will begin saving you money. You will supply details about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. We'll go over all this info and provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the best loan program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Since you won't need to coordinate this process, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call 1st Credential Mortgage Inc at (281) 778-0805. It's our job to answer lending questions, so we're happy to help!